A study on Taiwain securities companies'' investment and operation strategies in mainland China

• Main Authors: Liu Fu-Yun, 劉福運
• Other Authors: 沈筱玲
• Format: Others
• Language: zh-TW
• Published: 1999
• Online Access: http://ndltd.ncl.edu.tw/handle/59221897722824083717

碩士 === 東吳大學 === 企業管理學系 === 87 === Abstract In recent years, the evolving China market has provided a lot of opportunities for foreign investors. Taiwan’s securities companies, in order to gain market shares, have invested indirectly through setting up subsidiaries in third countries or regions. The foreseen prosperity of China securities market is also evidenced by China’s expedition in obtaining status in World Trade Organization. This study, mainly research-focused, is to study the motif of Taiwanese securities companies’ investments in China, key investment environment evaluation factors, and strategy formulations to better provide information with potential investors of the kind to cultivate more competitive strategies. The results show the Taiwanese securities companies share some same characteristics. For instance, parent companies are mostly mid- to big-sized securities companies in Taiwan having subsidiaries set up in China of no more than five years. And the indirect investment in China does not achieve economic scale, either. Their concerns in priorities are firstly financial policies and regulations, secondly stability of political environment, and lastly mainland’s foreign investors policies. The motif behind running securities business in China is nothing more than gaining grounds in a gradually opening market, diversifying business internationally and balancing overall market and company risks, and keeping on servicing the existing customers. The study clusters samples into distinctive ones in analyzing operating strategies of companies based on investment motif variables. And the three-clustered generates the best result through using hierarchical cluster method and multi-scaled analysis. The result shows that clusters with different investment motif have different operating strategies. Especially in investment strategies and competitive strategies, three groups have very distinct strategies. However, functionality strategies of the companies are similar in essence. The study finds out at the same time that groups with different motives have different strategies for current stage and future. The main difference is that companies tend to be conservative at this point are willing to adopt more active attitude when market becomes more open and China government allows Taiwan’s direct investments. Overall, Taiwan’s securities companies investing in China’s will have a major strategic turnaround when China market goes liberal.